Mr. Terry Lynch reports

POWER NICKEL TO SPIN OUT BRITISH COLUMBIA AND CHILEAN PROJECTS INTO CONSOLIDATED GOLD AND COPPER INC. VIA PLAN OF ARRANGEMENT AND PLACES 3% COPAQUIRE ROYALTY UP FOR SALE

Power Nickel Inc. has completed its review of the company's assets and has formalized its plan to optimize its non-core assets while maintaining its focus on the exploration and development of Nisk, the company's high-grade nickel platinum group metal project near Nemaska, Que.

Step 1: The company will transfer the beneficial interest in its Golden Ivan property to Consolidated Gold and Copper Inc. in exchange for common shares of Consolidated. Consolidated, through various other wholly owned subsidiaries, also hold the company's Chilean assets (other than Copaquire described below). The company will seek approval to spin out Consolidated through a plan of arrangement and distribute Consolidated shares to its shareholders, which will be more particularly described in an information circular that will be delivered to shareholders in connection with voting on the plan of arrangement and other usual annual general meeting matters. There is no immediate intention to list Consolidated's shares on any stock exchange or quotation system. As a spinout from a public company, even if Consolidated is not listed, Consolidated will be obligated to file continuous disclosure under Canadian securities laws, including annual audited financial statements, interim unaudited financial statements, and related management's discussion and analysis.

The company expects to hold the annual and special meeting in October.

Power Nickel has retained RWE Growth Partners to provide a fairness opinion and valuation as to the value of Consolidated and the fairness of the plan of arrangement to shareholders. The company plans to allocate 25 per cent of the Consolidated shares to Power Nickel's shareholders as more particularly set out in the circular. The expectation is that Power Nickel will hold 26 million common shares of Consolidated prior to the proposed plan of arrangement. For every 20 shares of Power Nickel that a shareholder holds, that shareholder will receive one share of Consolidated resulting in the distribution of approximately 6.5 million common shares of Consolidated to its shareholders, and Power Nickel will retain approximately 19.5 million Consolidated shares. At completion of the plan of arrangement, it is expected Consolidated will be a private company. While the process is unfolding the company plans to continue to evaluate options, including the sale of all or part of the assets, listing of Consolidated, and the vending of the assets into another entity for cash or shares. Power Nickel's paid-up capital base is sufficient such that a spinout is expected to be conducted on a tax deferred basis and should not create a taxable event for most shareholders.

"We believe splitting off the non-core assets into Consolidated will be beneficial for Power Nickel shareholders. It will enable the new entity to separately finance and pursue growth opportunities as more accurately detailed in the section below that may otherwise be overlooked while the company focuses on Nisk. This will take the burden off the Power Nickel balance sheet and instead allow these assets to be separately valued by the market," commented Power Nickel chief executive officer Terry Lynch.

Step 2: The company is formally placing its 3-per-cent royalty on the Copaquire project owned by Teck Resources Inc. for sale. Teck has the right to buy the first 1 per cent for $3-million (U.S.) and has the right of first refusal on a sale of the royalty. Power Nickel has decided that while the long-term potential for the royalty is excellent, the sale of the royalty will reduce dilution at Nisk, and that this is the best move for shareholders. To compensate the interested parties looking to acquire the royalty from the potential of a Teck exercise of its first right of refusal, Power Nickel will agree to pay the proposed royalty buyer a breakup fee of $300,000 in the event of said exercise. For additional details on Copaquire, please see the section titled Copaquire below.

"We have held onto the Copaquire royalty for a very long time. It has a substantial known 43-101-compliant mineral resource estimates, and the super gene remains yet undiscovered. Commodity prices have risen sharply since these estimations were made and will likely continue to rise. In this time where developable global copper projects are rare, we are confident it will find its way into production and confirm the value of our royalty," commented Power Nickel chief executive officer Terry Lynch.

Detailed descriptions of the proposed spinout company Consolidated and the Copaquire royalty are contained in the sections below.

Consolidated Gold and Copper

Upon approval from shareholders by special resolution, the company proposes a plan of arrangement to spinout Consolidated as a separate company. It will have a different chief executive officer and a board composed of Power Nickel representatives and independent third parties. It will be comprised of the assets listed below.

British Colombia -- Golden Ivan project

Note 1: CMX was the former symbol of PNPN. References to nearby properties are for information purposes only, and there are no assurances that Golden Ivan will receive similar results.

Please refer to the company's news release of Feb. 2, 2022, for additional information about Golden Ivan.

Latest update

Power Nickel discovers two new high-grade gold zones at its Golden Triangle project, Stewart, B.C., Canada; sampling returns 16.2 grams per tonne and 15.1 g/t gold in outcrop

Power Nickel is pleased to report assay results from its summer 2021 Golden Ivan property exploration. The highly successful 2021 prospecting and geologic mapping program has resulted in the discovery of two new high-grade gold zones yielding 16.2 grams per tonne gold and 15.1 g/t Au in outcrop.

The 2021 Golden Ivan property campaign completed during July and August, 2021, included the collection of 210 surface rock samples, including seve channel samples, in addition to reconnaissance geologic mapping and whole rock geochemical analysis throughout the property. A total of 17 of the 210 rock samples returned greater than 0.1 g/t Au, up to 16.2 g/t Au from the newly discovered Lone Goat showing, and 15.1 g/t Au over 0.75 metre from a channel sample at the newly discovered Molly B. East showing in addition to significant silver and base metal values.

Terry Lynch, chief executive officer and director of Power Nickel, commented: "We are excited to announce the results of our 2021 field program at Golden Ivan, which resulted in the discovery of two new high-grade gold zones. Further defining the mineralization controls, lateral and vertical continuity of these emerging precious metal trends will be the next steps as we continue to demonstrate the significant potential of the Golden Ivan property and move toward developing drill targets for testing during the 2022 season."

Mineralization and alteration of new discoveries

The Molly B. East high-grade gold showing is associated with subvertical southeast-trending quartz-pyrrhotite-chalcopyrite veins hosted within andesitic volcanic rocks with fine-grained sulphide halos.

The Lone Goat high-grade gold showing comprises an approximately 700-by-200-metre northeast/southwest-trending subvertical zone of multistage quartz-epidote-sericite-carbonate-altered andesite that returned multiple anomalous gold assays.

The newly discovered Lone Goat, Molly B. East gold showings and the historical high-grade gold-silver Molly B trend to the south are coincident with northeast- and northwest-trending airborne magnetic (low) lineaments, respectively.

General geology

The results of reconnaissance geologic mapping indicate the Golden Ivan property is underlain by a layered sequence of andesitic volcanic and volcaniclastic rocks attributed to the lower Jurassic Hazelton group. The volcanic package is cut by late andesite dikes and rhyolite bodies, while the northeast area of the Property lies in faulted contact with interpreted Stuhini group metasediments.

Golden Ivan historical data compilation

Prior to initiating the 2021 exploration, Power Nickel commissioned a digital historical data compilation with respect to the Golden Ivan property. The compilation comprised publicly available mineral assessment reports and property files from as early as 1929 to date and as recently as 2020. Documented exploration within the Golden Ivan property includes extensive prospecting, geochemical analysis of surface rock and chip/channel samples, trenching, small-scale underground development, and geophysical surveys (airborne magnetic, very-low-frequency/electromagnetic, multifrequency EM and magnetic/radiometric surveys).

A total of 124 rock and rock chip/channel samples were digitized, which returned an average grade of 2.45 g/t gold and 79.4 g/t silver and up to a maximum of 118 g/t Au and 2,400 g/t Ag. Of the 124 rock samples, a total of 17 returned greater that one g/t Au, and a total of 16 returned greater than 50 g/t Ag, including seven samples returning both greater than one g/t Au and 50 g/t Ag.

Several small-scale historical workings occur within the Golden Ivan claim group, comprising surface pits, trenches and short adits. These include the Gold Ore, Eagle and Big Bell, Magee Sky Annex, and Molly-B prospects near the western claim boundary. Molly B prospect sampling returned an average grade of 9.2 g/t Au for 11 samples, and up to 45.7 g/t Au and 90.2 g/t Ag collected intermittently over a 750-metre northwest-trending zone. In addition, the area between the Silverado No. 4 and Magee Sky annex shows a northeast trend that returned assays including 6.2 g/t Au, 1,300 g/t Ag, 1.4 g/t Au and 2,400 g/t Ag. The significant Silverado No. 4 workings, located to the south outside of the property, returned values up to 60 g/t Au and 90 g/t Ag.

The historical compilation results demonstrate the potential to expand and further delineate historical high-grade gold-silver mineralization with continued exploration.

Methodology and quality assurance/quality control

The analytical work reported on herein was performed by ALS Global, Vancouver, Canada. ALS is an ISO-IEC 17025:2017- and ISO 9001:2015-accredited geoanalytical laboratory, and is independent of Power Nickel. Rock samples were subject to crushing at a minimum of 70 per cent passing two millimetres, followed by pulverizing of a 250-gram split to 85 per cent passing 75 microns. Gold determination was through standard atomic absorption spectroscopy (AAS) finish 30-gram fire assay (FA) analysis, in addition to 48-element ICP-MS geochemistry.

Power Nickel follows industry standard procedures for the work carried out on the Golden Ivan project, with a quality assurance/quality control (QA/QC) program. For the rock channel samples, blank and standard samples were inserted into the sample sequence sent to the laboratory for analysis. With respect to prospecting rock grab samples, the qualified persons have relied on the internal quality assurance/quality control measure of ALS, which includes the insertion of standard, blank and duplicate samples into the sample stream to confirm the accuracy of the reported results. The QPs detected no significant QA/QC issues during review of the data, and are not aware of any sampling, or other factors, that could materially affect the accuracy of the results.

Qualified person

The scientific and technical information contained in this news release as it relates to the Golden Ivan project has been reviewed and approved by Kristopher J. Raffle, PGeo (British Columbia), principal and consultant, and Alfonso Rodriguez, PGeo (B.C.), senior project geologist of Apex Geoscience Ltd. of Edmonton, Alta., both qualified persons as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Mr. Raffle and Mr. Rodriguez verified the data disclosed, which include a review of the analytical and test data underlying the information and opinions contained therein.

Chilean projects

The Chilean projects have seen little exploration spending since the fall of 2021. The evolving Chilean political climate made a delay in exploration advisable. Now that the constitutional election was categorically defeated and there is a new Senate, it seems Chile is back in business. In addition to the political change, there has been an important technological change.

One of the greatest challenges in discovering big new copper-gold projects in Chile is navigating the challenges of desert exploration. There exists in the sand of the desert a mineralized limestone called caliche. It complicates the normal geophysical tool kit geologists would use to explore. This makes desert exploration expensive and challenging. However, a new geophysical tool, ambient noise tomography, an advanced form of seismic exploration, is achieving success in desert climates in Australia, where caliche is also a problem. The new approach and technique are being commercialized by its service provider, Fleet Space Technologies.

The company believes this approach could seriously improve the mine exploration business in Chile, and it is pleased to be the first company to use the technology in Chile. It thinks it will be impactful in furthering the exploration and development of its land packages which it describes in brief below.

Zulema (from current management's discussion and analysis in annual report 2022)

In 2013, the company acquired 23 exploration concessions totalling approximately 2,105 hectares surrounding its five then existing Zulema mining concessions in Chile's third region. In 2014, the company acquired nine additional mining concessions totalling 724 hectares from a third party. In March, 2015, the company completed the acquisition from another third party of three additional mining concessions totalling 600 hectares. The Zulema property now consists of 4,300 hectares (10,626 acres). All concessions are held 100 per cent by IPBX and Minera Palo Negro Ltda, with no underlying third party royalty or net profit interest. The project is located 30 kilometres from the giant copper-gold Candelaria mine of Lundin Mining Corp. and in a very similar geological environment.

During the year ended Dec. 31, 2017, the company commenced drilling its Zulema project. The exploratory drill program began testing two geologically distinct targets: a greater-than-one-square-kilometre area of intense garnet scapolite skarn breccia and a large induced polarization chargeability anomaly on its eastern flank. The initial results released on Feb. 27, 2017, suggested to Chilean that it had found in its assessment, iron oxide copper/gold-style mineralization.

Drill holes 1, 6 and 7 assisted in defining the boundaries of the eastern skarn and related sulphide mineralization. Drill hole 4, targeting the IP target, was terminated before reaching bedrock. The target remains open. Hole 3 had a six-metre section from 285.32 to 291.32 metres, which contained 0.66 per cent copper, 23.6 per cent iron and 0.52 gram per tonne gold. It also contained an additional intercept from 325.20 to 335.20 that assayed 0.34 per cent Cu, 10 per cent Fe and 0.16 gram per tonne Au. Hole 5 located 272 metres north and east of 3 also had some interesting highlights. In particular, it sees several lenses of two and four metres in length with individual two-metre sections assaying up to 0.43 per cent Cu, 4.9 per cent Fe and 0.29 gram per tonne Au.

The presence of copper-bearing magnetite skarn, interbedded magnetite chalcopyrite bands, more massive chalcopyrite in drill hole 5, biotitemagnetite alteration, potassic (K-spar), magnetite and hematite veining, and local mineralized breccias suggests proximity to the main mineralized target.

A review of the drill core has been completed with the results suggesting the focus of continuing exploration should be toward the west near drill holes 2, 3 and 5, where the skarn appears a more receptive host for mineralization. In drill hole 2, quartz stockworking and siliceous breccia suggest proximity to a high-temperature heat source/intrusion. Directly east of drill hole 2 at drill hole 5, widespread low-grade copper mineralization is accompanied by a more robust style of chalcopyrite occurring as large one-centimetre clots within the skarn. Due south of 5, drill hole 3 contained large sections of skarn, including several lenses of iron-rich, iron oxide copper/gold-style copper mineralization. Hole 2, 3 and 5 assays are reported in detail in the April 3, 2017, press release.

The company engaged Southern Rock Geophysics, a consulting firm with over 20 years experience in the Andean region. Familiar with both the porphyry and IOCG depositional models, Southern Rock brings the expertise required to search for a blind target in the challenging desert of Chile.

Two hundred forty-two line kilometres of data were collected along 55 north-south survey line segments to assist in target selection prior to the company's planned phase 2 drill program. The results of the survey were positive, delineating four key target areas for detailed follow-up in 2019.

The magnetic survey delineated a two-kilometre-wide corridor trending northeast from the southern margin of the survey area north to the Santa Candelaria workings. A preliminary review of the data indicates there are four target areas that require detailed follow-up. From north to south, the targets are Santa Candelaria West, the West Flank, SW Magnetic High and SSE/DDH No. 1.

The Santa Candelaria target lies due west of the Santa Candelaria mine workings where Cu mineralization is characterized by chalcopyrite disseminations and veins within a magnetite/hematite calcsilicate skarn. Exposure is relatively abundant west of the workings and will be investigated prior to the commencement of a gravity survey.

The West Flank of the magnetic corridor is a priority target due to the style of mineralization encountered in drill hole No. 5, where coarse-grained chalcopyrite was noted at depth. Elevated magnetics northwest of drill hole No. 5 in addition to a large peak along the western edge of the corridor are priority targets.

In the western portion of the project, the SW Magnetic target is easily identifiable and located due east of a copper showing and along a northwest-trending lineament. The target is covered by alluvial material, and will require additional ground geophysics and processing to resolve its potential.

To the southeast of drill hole No. 1, a magnetic high has been identified along the eastern edge of the magnetic corridor. This target is along the eastern edge of a copper-bearing hydrothermal breccia that was drilled in 2017. Its location along a very sharp magnetic boundary at an interpreted intersection of the same northwest-trending lineament crosscutting the SW Magnetic target makes it a priority.

Tierrade Oro (TDO), Chile

Tierra de Oro is an advanced-stage exploration project located in Region 3 on the eastern flank of Chile's Coastal iron oxide copper/gold belt. The property lies about 50 kilometres south of the large Candelaria copper-gold-silver-iron mine. It consists of 5,667 hectares covering the historic Chanchero gold camp and numerous areas of historic oxide copper workings.

The company initially became involved in the property in 1996 as a joint venture with Princeton Mining to explore for acid-soluble copper deposits. During the course of this exploration, the Chanchero gold camp was rediscovered and added to the property. In 1998, the company bought out Princeton's interest. The property was dormant between 1999 and 2002 but reactivated in late 2003. To date, the company has conducted property-wide geological, geochemical, geophysical surveys and limited trenching and drilling. The surveys delineated five major gold-bearing structure zones between 200 and 1,000 metres in length. Within these zones, a number of gold exploration targets were identified.

In November, 2007, the company commenced a 7,000-metre drill program to test the identified gold targets. Drill results failed to corroborate the positive gold values obtained by previous surface sampling. However, areas of significant silver-copper mineralization identified in shears and mantos within volcanic strata in the eastern sector of the property justified additional work. Highlights included drill hole RC56, which intersected 40 metres of 16 g/t silver, including 13 metres of 40 g/t silver, and RC58, which intersected 40 metres of 8.2 g/t silver.

On Feb. 21, 2008, following completion of an induced polarization survey, the company announced the discovery of an IP anomaly in the Chanchero zone. The large near-surface anomaly is elongated northeast-southwest, the core of which measures 900 by 300 metres and is open to extension at depth. The intensity and homogeneity of this chargeability response, coincident with a strong magnetic low anomaly and coupled with the presence of an altered porphyry intrusion, may indicate the presence of a large sulphide-rich system at moderate depth.

In February, 2011, the company completed an airborne ZTEM survey over the Tierra de Oro property in areas where potential iron oxide copper/gold targets and mineralized zones had been previously identified by geological, geochemical and ground geophysical programs. Two magnetic anomalies of significant size were identified: one north of the Chanchero zone and another located in the area known as Las Lomitas zone and associated with copper-silver manto prospects.

In the spring and summer of 2013, a complete review and analysis of TDO was completed by Dr. Chris Hodgson. As a result, the company has identified two potential bulk copper-gold targets that the company believes warrant a targeted exploratory drill program.

During the year ended Dec. 31, 2019, the company engaged the services of Windfall Geotek (formerly Albert Mining), a leading artificial intelligence firm in the mining sector. Windfall used its proprietary cards (computer-aided resource detection system) to analyze the many years of geological, geophysical and geochemical data accumulated by CMX. The data identified five areas of interest. One is the primary drilling targets was previously identified as Chanchero. The other four are gold/copper targets.

On Nov. 18, 2020, the company announced that it has started on phase 1 of drilling at its Tierra de Oro (Land of Gold) project in the third region of Atacama about 75 kilometres south of Copiapo, Chile.

The phase 1 drilling program at Tierra de Oro was focused on the Chanchero zone and further confirmed the existence of a strong hydrothermal system in the local area. Drilling demonstrated discontinuous fault bound zones of characteristic phyllic-propylitic-argillic alteration and widespread pyrite mineralization in stockworks and veins in most of the drill holes. A total of five diamond drill holes were completed for a total of 1,500 m of recovered core, resulting in approximately 850 collected samples. Laboratory results have been received for all of the five holes completed. The preliminary highlight of the program was intersected in hole 3, where a two-metre sample at 120-metre depth encountered anomalous grades of 716 g/t silver and 0.453 per cent copper, adjacent to a highly fractured fault zone with no core recovery.

The project area is structurally controlled by the Elisa de Bordos fault, separating two domains: an intrusive one associated with gold, where the Chancheros project is located, and another volcanoclastic domain associated with copper-silver, where Las Lomitas and Jaqueline projects are located.

The AI study delivered targets for surface exploration at Las Lomitas, where the results obtained from ground truth sampling from nine rock chip samples graded between 0.77 per cent to 3.23 per cent copper and 22 to 169 g/t silver. The next step to follow is to perform geophysics on these areas to identify new targets of drilling.

The Copaquire royalty

Below is an excerpt from its annual MD&A report on Copaquire to provide context to the project. The project was sold in October, 2013, to a subsidiary of Teck for $3-million (U.S.) and a 3-per-cent net smelter royalty. Teck can acquire 1 per cent for $3-million (U.S.) and has a first right of refusal on any sale of the project.

The company shall formally market the royalty. To compensate potential buyers who may believe Teck will simply exercise its first right of refusal, Power Nickel has agreed to pay a $300,000 breakup fee on a successful negotiated transaction in the event Teck exercises its option.

The company has a full data room available for interested parties. Below is an excerpt from a historical MD&A document to provide context on the Copaquire project.

Copaquire was an advanced-stage exploration project comprising 2,017 hectares, is a major copper-molybdenum porphyry system in the Andean Cordillera of Region 1, northern Chile. The property is located approximately 20 kilometres west of the Collahuasi mine and eight kilometres west of the Quebrada Blanca copper-molybdenum mine.

The company's 2004 to 2008 exploration programs of geological, geochemical and geophysical surveys and 29,541 metres of drilling confirmed large areas of copper and molybdenum-rhenium porphyry mineralization. Two of the three large targets identified by late 2005 -- that is, Sulfato and Cerro Moly, were partially drilled in more detail during 2006 and 2007. Both continue to demonstrate that they have the dimensions to host large open-pit deposits. The estimate of the updated resource of the Cerro Moly deposit, using a 0.028-per-cent-molybdenum cut-off, with an indicated resource of 229.5 million tonnes at 0.039 per cent Mo and an additional inferred resource of 193.9 million tonnes at 0.026 per cent Mo, is presented herein.

Since 2010, the company's exploration efforts have been focused on the large Sulfato copper zone immediately north of the Cerro Moly deposit. In March of 2010, the company commenced a 2,500-metre drill program on the Sulfato South copper zone, with the objective of defining a higher-grade copper zone and potential starter pit for the Copaquire mine plan developed in the recent preliminary assessment. Results from the first drill hole returned 267 metres at 0.57 per cent copper, including 139.6 metres at 0.82 per cent copper. These results demonstrated that high-grade copper mineralization extends down to significant depths. Also in 2010, the company initiated an extensive bulldozer trenching program on the Marta porphyry stock, west of Cerro Moly. No previous work had been carried out by the company in the Marta area although historic copper-molybdenum exploration adits were present. This program was successful in exposing extensive areas of copper porphyry, copper intrusive breccia, copper oxide and chalcopyrite mineralization throughout the southern portion of the Marta stock area. An area of copper skarn was also exposed between the Copaquire and Marta porphyry intrusions. The company initiated a Titan deep-penetration IP survey over the two porphyries. The Titan 24 DCIP and magnetotelluric system is a multistandard distributed ground geophysical survey system designed to collect large volumes of precise IP chargeability and resistivity subsurface geophysical data to depths of 750 metres and MT (magnetotelluric resistivity) data to depths of 1,500 metres. The survey consisted of two spreads of Titan 24 DCIP and MT in a single line across the southern portion of the Copaquire property. In September, 2010, the company announced the results of the Titan deep-penetration IP survey. Based on its interpretation of the survey results, Quantec Geosciences Ltd. identified nine high-priority geophysical targets for follow-up drill testing. The positive results of the 2010 drill program, the new areas of extensive copper mineralization exposed at the Marta zone and the positive results of the Titan geophysical survey all served to generate extensive interest from several major and mid-tier mining groups. On May 6, 2011, the company entered into an option agreement with a private Chilean company to acquire a group of claims totalling 560 hectares positioned adjacent to the north and west of current Copaquire mining claims. During April, 2012, the company exercised its option and acquired one additional claim of five hectares from the same company for a combined total amount of $800,000 (U.S.), payable over four years as follows: first year: $196,000 (U.S.), second and third year: $201,333 (U.S.), and fourth year: $201,334 (U.S.). The agreement is in good standing as of Aug. 29, 2013. The new claim area provided the company with complete coverage of the new Marta porphyry. Additionally, in January, 2011, the company completed an airborne ZTEM geophysical survey over the entire Copaquire property. The ZTEM system is one of the leading airborne geophysical systems in use today and is particularly suited to identifying large conductive orebodies. The ZTEM system is renowned for its deep-penetration, high-spatial resolution and ability to detect and differentiate weak electromagnetic anomalies at depths up to 1,500 metres. In February, 2011, the company announced the results of the ZTEM survey. It identified the known resource at Cerro Moly, as well as the large extent of the Sulfato zone to the north. The ZTEM survey also identified and confirmed that the Marta area contains a very large deep-seated intrusive body (two km by 4.5 km and approximately 1.5 km in depth). Two 2011 drill holes CQ-106 and CQ-108 in the Marta area intersected widely spaced veinlets of quartz-pyrite-chalcopyrite-moly mineralization within altered granodiorite. The PBX field geologists believed that the presence of widely spaced veinlets in both holes was typical of mineralization encountered peripheral to major porphyry copper centres in the Collahuasi mining district. In October, 2011, the company completed a 5,000-metre infill drill program in the Sulfato South copper zone, and in January, 2012, announced a resource of 102 million tonnes with 0.40 per cent copper equivalent and filed a supporting technical report in January, 2012.

Qualified person

Kenneth Williamson, Geo (OGQ No. 1490), MSc, senior consulting geologist, from 3DGeo Solution Inc., is the qualified persons pursuant to the requirements of National Instrument 43-101, and has reviewed and approved the technical content of this press release.

About Power Nickel Inc.

Power Nickel is a Canadian junior exploration company focusing on developing the high-grade Nisk project into Canada's first carbon-neutral nickel mine.

On Feb. 1, 2021, Power Nickel (then called Chilean Metals) completed the acquisition of its option to acquire up to 80 per cent of the Nisk project from Critical Elements Lithium Corp.

The Nisk property comprises a large land position (20 kilometres of strike length) with numerous high-grade intercepts. Power Nickel is focused on expanding the historical high-grade nickel-copper platinum-group-element mineralization with a series of drill programs designed to test the initial Nisk discovery zone and to explore the land package for adjacent potential nickel deposits (1).

In addition to the Nisk project, Power Nickel owns significant land packages in British Colombia and Chile. Power Nickel is expected to reorganize these assets in a related public vehicle through a plan of arrangement.

Power Nickel announced on June 8, 2021, that an agreement has been made to complete the 100-per-cent acquisition of its Golden Ivan project in the heart of the Golden Triangle. The Golden Triangle has reported mineral resources (past production and current resources) in total of 130 million ounces of gold, 800 million ounces of silver and 40 billion pounds of copper (Resource World). This property hosts two known mineral showings (gold ore and magee), and a portion of the past-producing Silverado mine, which was reportedly exploited between 1921 and 1939. These mineral showings are described to be polymetallic veins that contain quantities of silver, lead, zinc, plus/minus gold and plus/minus copper.

Power Nickel is also 100-per-cent owner of five properties comprising over 50,000 acres strategically located in the prolific iron oxide copper/gold belt of northern Chile. It also owns a 3-per-cent NSR royalty interest on any future production from the Copaquire copper-molybdenum deposit, that was sold to a subsidiary of Teck. Under the terms of the sale agreement, Teck has the right to acquire one-third of the 3-per-cent NSR for $3-million (U.S.) at any time. The Copaquire property borders Teck's producing Quebrada Blanca copper mine in Chile's first region.

(1) The resource estimates at Nisk are historical in nature, and the company's geology team has not completed sufficient work to confirm a National Instrument 43-101 mineral resource. Mineral resource information is derived from the technical report titled "Resource Estimate for the Nisk-1 Deposit, Lac Levac Property, Nemiscau, Quebec," dated December, 2009. The key assumptions and methods used to prepare the mineral resource estimates are set out in the technical report. This report, prepared by RSW Inc. in 2009, can be found on the SEDAR website.

We seek Safe Harbor.